Market Overview

Rodman & Renshaw Downgrades Nanosphere Following Luminex Acquisition

Rodman & Renshaw Downgrades Nanosphere Following Luminex Acquisition
Related NSPH
8 Biggest Mid-Day Winners
Mid-Morning Market Update: Markets Slightly Higher; Arbor Pharmaceuticals to Buy XenoPort For $7.03/Share
Related LMNX
CryoLife Hits a 52-Week High: What's Driving the Stock?
Express Scripts Gains from Increased Generic Utilization

Rodman & Renshaw's Raghuram Selvaraju downgraded Nanosphere, Inc. (NASDAQ: NSPH) from Buy to Neutral, while decreasing the price target from $2.00 to $1.35. The rating change came after Luminex Corporation (NASDAQ: LMNX) announced it was acquiring Nanosphere for $1.35 a share in an all-cash transaction.

Related Link: Here's Why Wells Fargo Doesn't Like Valeant's Big Bonuses

Luminex plans to purchase all shares of Nanosphere within 15 business days as of Tuesday and will pay off approximately $25 million of Nanosphere's debt outstanding as of March 31, 2016. Due to Luminex being "one of the relatively few entities with significant direct complementary to Nanosphere's technology platforms," the analyst does not see any probable competing bids in the future.

Nanosphere closed Tuesday trading at $1.31, four cents from Luminex's purchase offer of $1.35.

Latest Ratings for NSPH

May 2016Rodman & RenshawDowngradesBuyNeutral
Mar 2016Rodman & RenshawInitiates Coverage onBuy
Nov 2015PiperJaffrayMaintainsNeutral

View More Analyst Ratings for NSPH
View the Latest Analyst Ratings

Posted-In: Analyst Color Long Ideas News Downgrades Price Target M&A Analyst Ratings Trading Ideas Best of Benzinga


Related Articles (LMNX + NSPH)

View Comments and Join the Discussion!